The New Zealand Dollar is attempting to revive upward momentum after retesting resistance-turned-support in the 0.6688-0.6726 area. Immediate resistance is at 0.6851, with a break above that confirmed on a daily closing basis opening the door for a test of the June 6 high at 0.7060.

Alternatively, a turn back below 0.6688 paves the way for another challenge of former range top resistance in the 0.6592-0.6619 zone. This followed by a more potent threshold at the 0.65 figure, marked by a chart inflection point in play since mid-September and former falling trend line resistance (now recast as support).

While daily chart positioning seems to make a compelling case for the upside scenario, turning to the longer-term setup undermines conviction. Prices appear to be retesting